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Why MGM Resorts Stock Cratered 14.8% Today

TheMotleyFool

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Why MGM Resorts Stock Cratered 14.8% Today: https://g.foolcdn.com/editorial/images/785582/slot-machine-in-a-casino.jpg

Shares of casino stock MGM Resorts (NYSE: MGM) dropped as much as 14.8% on Thursday after the company reported better-than-expected second-quarter 2024 financial results. Shares were still down 14.5% at 2:30 p.m. ET.

Quarterly revenue rose from $3.94 billion a year ago to $4.33 billion, and net income fell from $200.8 million to $187.1 million on higher labor costs. But earnings per share were up $0.05 to $0.60 per share because of buybacks.

Analysts were expecting $4.21 billion in revenue and earnings of $0.59 per share, whereas the reported adjusted earnings per share were $0.86.

Source Fool.com

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